A Philippine lawmaker has introduced a measure that would require the central bank to build a strategic Bitcoin reserve, marking one of the most ambitious crypto policy proposals in Southeast Asia.
Representative Migz Villafuerte filed the “Strategic Bitcoin Reserve Act” in June, calling for the country’s central bank, Bangko Sentral ng Pilipinas (BSP), to purchase 2,000 Bitcoin (BTC) annually over five years.
At current prices, the plan would cost more than $1.1 billion and establish a 10,000 BTC reserve locked in trust for at least two decades.
Bid for financial security
The proposal outlines a “Bitcoin Purchase Program” that would make the BSP a long-term holder of the digital asset. The reserve would be barred from being sold or transferred except in cases of retiring government debt.
Villafuerte described Bitcoin as a modern strategic asset that could diversify the nation’s balance sheet and enhance financial security, likening it to digital gold.
The measure would also require the central bank to introduce a proof-of-reserves system, with quarterly public disclosures detailing holdings, transactions, and custody arrangements.
Global context
If enacted, the Philippines could surpass El Salvador’s 6,276 Bitcoin holdings and rival Bhutan, which owns about 10,565 coins.
El Salvador has led global adoption since declaring Bitcoin legal tender in 2021, while Bhutan’s sovereign investment arm has quietly accumulated large reserves.
At current levels near $116,850 per coin, the Philippines’ proposed reserve would represent a substantial sovereign commitment to Bitcoin, positioning the country among the world’s largest state-level holders.
The bill faces congressional debate in the months ahead as policymakers weigh the risks and potential benefits of tying a portion of the nation’s financial future to the volatile crypto market.
Source: https://cryptoslate.com/philippines-lawmaker-introduces-legislation-to-acquire-10000-bitcoin-for-national-security-reserve/
